The answer to this question is a definitive €no€. You can never achieve the kind of result archival printing is well known for with a DIY approach performed at home. You simply do not have the resources to come out on top. Archival printing which is at times even known in the printing circles as Giclee printing is one of the most favorite printing methodologies for the art and photography collectors. It helps to preserve the work for more than 200 years, when done right. That is a hefty lot of time, enough to survive the work for a few generations. There are a few obstacles you will have when looking to perform archival printing at home.
First thing is the cost. You have to buy high end printer. Now, this printer can cost a significant worth. Not many common people can afford such an investment just for an experiment such as archival printing at home. But if money is not a problem for you or you are aided by reliable financers then that is a different tale altogether.
Even if you have the finances at hand, choosing the inkjet printer that can give you desired output is a tough nut to crack. There are inkjet printers of every type available in the market, unless you have been dealing with printers for many years now it is quite difficult to decipher the good from the average. The printers used by reputed archival printing companies around the world have a perfect color balance. They further have a closed-loop color management system. Such configurations help the printer sprinkle proper amount of ink without cluttering it. There is a sense of intelligence in the printers! So, you have a friend who can aid you in buying the archival printer? That is great news.
The next problem for archival printing at home is the choice of paper. Normal paper would not do, when you intend to print something that will last for more than 200 years. A special quality of paper is required that is lignin and acid free. Lignin is a compound that can degrade paper quite quickly. On the other hand the acid content in a paper reacts with the acid present in the pigments sprayed on the print. In the long run this reaction makes the color blur and paper becomes brittle. It will lead to easy tearing. So, the special quality of paper should be bought for your home based project. The pH balance of the paper should be around 7.5-10. Apart from the paper you need special quality pigments that are least acidic by nature. Even if you can arrange for all this, the next obstacle is impossible to get over.
Last but definitely not the least, is the experience quotient of the printing professional. These professionals seem to have microscopic eyes (though it is not meant that they can see the Amoeba!). They can view the minutest discrepancies in printing. When you are archival printing a photograph or fine art work you would want every inch and corner to be a perfect replica of the original work, a duplicate that cannot be worked out by the normal viewers. Such an effect can only be achieved by the experienced printers.
So, archival printing at home is never a good option.